Ontario Real Estate Essentials Test 05

Real Estate Essentials - Test 05

If you are preparing for the Ontario Real Estate Essentials Test, you are in the right place. With our online practice tests, you can get an accurate understanding of the exam format and question types. The test assesses your knowledge of real estate laws, principles, and practices in Ontario. It covers various topics, including property ownership, mortgages, financing, and contracts. By taking advantage of our free practice tests, you can gain an edge over other candidates and increase your chances of passing the test on your first attempt. In addition to providing a simulated testing environment, our practice tests also come with detailed explanations of correct answers, allowing you to learn from your mistakes and refine your knowledge.

Real Estate Essentials - Practice Test 05

Ontario Real Estate Essentials - Course 1

1 / 30

A contract does not need a consideration element if it is signed under…?

Agreement

Court overview

Seal

Exceptional circumstances

2 / 30

Breach-of-contract occurs when…?

One party decides to terminate the contract

One party fails to fulfil its obligations under the contract

The contract is terminated by a third party

Both parties agree to terminate the contract

3 / 30

The Official Plan for a municipality may extend up to how far in the future?

10 years

15 years

25 years

20 years

4 / 30

Which of these Canadian cities is governed under a specific Act of Parliament rather than the Municipal Act?

Toronto

Calgary

Vancouver

Montréal

5 / 30

A "common mistake" in a contract occurs when…?

Both parties are unaware of an underlying fundamental fact about the property/transaction

All of these

The buyer is aware of an underlying fundamental fact about the property/transaction but not the seller

The seller is aware of an underlying fundamental fact about the property/transaction but not the buyer

6 / 30

The consideration in a contract which makes it binding may not be…?

A past consideration

Future consideration

A present consideration

Any of these

7 / 30

Damages are only payable for breach of contract if…?

Any of these

Potential financial losses can be proven

Actual financial loss can be proven

Damage to feelings or emotions can be proven

8 / 30

Which of these assumes all responsibilities under the Municipal Act?

A Single Tier Municipality

An Upper Tier Municipality

None of these

A Lower Tier Municipality

9 / 30

In breach of contract cases, a court may recommend a specific performance remedy, which is what?

An order that the full value of the contract must be paid

An order that no compensation is owing

An order that the contract must be fulfilled

An order that partial compensation must be paid

10 / 30

If the owner of a plot wishes to divide it up into two plots, they must apply to the local municipality for approval of…?

Land division

Land severance

Land repurposing

Land rezoning

11 / 30

Both spouses have equal right of possession of a matrimonial home…?

As long as they are both on the title

As long as a contract exists to prove this

As long as they are not separated

Under all circumstances

12 / 30

The Family Law Act provides similar rights for common-law spouses as for married spouses as long as the couple have lived together for…?

Nine years plus

Three years plus

Five years plus

Seven years plus

13 / 30

Which of these falls under zoning bylaws?

Parking requirements

All of them

Permitted usage

Building height

14 / 30

All electronic documents held by a brokerage must be…?

Also held in hard copy elsewhere

Protected by strong passwords

Held on dedicated separate hard drives

Accessible to all staff of the brokerage

15 / 30

If both parties agree to terminate a contract, the contract is terminated by…?

Shared agreement

Common agreement

Unavoidable agreement

Mutual agreement

16 / 30

If an owner or buyer wishes to make a use of their property that is not permitted in existing zoning bylaws, they may apply to their local committee of…?

Adjustment

Variation

Modification

Exemption

17 / 30

If one spouse is the registered owner of a matrimonial home and the other is not, they may not dispose of it, mortgage or income rate without…?

A court order

Proof that they are the only one on the title

Proof that the marriage is irretrievably broken

Written consent of the non-owner spouse

18 / 30

A patent defect in a property is one that…?

Renders a property dangerous

Renders a property unfit for habitation

Is not readily visible upon reasonable vigilance/inspection

Is readily visible upon reasonable vigilance/inspection

19 / 30

A Local Planning Appeals Tribunal (LPAT) is responsible for hearing…?

The first appeal in a planning related matter

All appeals in a planning related matter

Preliminary appeals in a planning related matter

The first and second appeal in a planning related matter

20 / 30

Salespersons must witness electronic signatures and ensure that what is added to them?

Location

Date and time

Address of all participants

Declaration of free will

21 / 30

A contract is terminated by "frustration" when…?

One party decides that the other is taking too long to fulfil the contract

One party decides that it is too much effort to fulfil the contract

Both parties agree that it is too frustrating to continue the contract

Unexpected events occur which make it impossible to fulfil the contract

22 / 30

Electronic signatures may only be used in a transaction if…?

The seller and the broker agreed to them

All parties agree to them

The buyer and the broker agreed to them

There is no alternative

23 / 30

In terms of "for sale", "open house" and "sold" signs, which of these is controlled by zoning bylaws?

Material of sign

Wording of sign

Colour of sign

Size of sign

24 / 30

When an owner applies for land severance, the approval body must give its decision within…?

15 days

180 days

45 days

90 days

25 / 30

Provincial policy statements address planning matters of public interest and are reviewed every…?

Five years

Seven years

Two years

Three years

26 / 30

Rescission means that a contract…?

Is revoked or cancelled

Is illegal

Must be fulfilled

Has no validity

27 / 30

A Subdivision Plan registration is usually required when a landowner wants to divide their land into more than…?

Three lots

Two lots

Five lots

Four lots

28 / 30

Which of these would count as sensitive personal information rather than just personal information?

A person's mental condition

A person's residential address

A person's date of birth

A person's marital status

29 / 30

If a landowner is granted land severance with conditional consent, they usually have how long to fulfil the conditions set?

Two years

One year

Three years

Six months

30 / 30

A contract for land will be generally avoidable, sometimes void or never binding if the contract is made with a person under what age?

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